The Premier says while the provincial economic economic outlook looks bleak this year, it is a issue that is being felt around the world.
John Horgan says B.C. has done well in its fight against COVID-19, which will help instill confidence in people as the economy looks to rebound next year.
“These are the types of things that investors look at when they are looking at now freeing up their dollars when we look at recovery and stimulus into the late summer and early fall,” he said, during a conference call with media.
“That’s where we are focusing our efforts. We’re watching those economic indicators closely, and they are concerning. But they are concerning in every corner of the world and therefore we can take some comfort from that.”
Horgan said that while the province’s economic indicators this year are concerning, private-sector economists are projecting a six per cent growth in 2021. Earlier this month, the premier struck an Economic Recovery Task Force to ensure that B.C.’s response to COVID-19 is effective.
“We’re joining with the Federal Government putting in place programs, whether it be the Federal CERB program, the Emergency Worker Program or helping people with their rent,” he said. “These are things that will help us get through this shrinking of the economy.”
Horgan says the government will also be looking at ways to support other key sectors in the province like tourism and the film industries, which brings in billions of dollars to the provincial economy from other provinces and countries.
“We will also need to ensure that we are focused on how do we welcome the world to British Columbia again when it comes to tourism and how do we ensure that people will want to buy our products again,” Horgan said.
“Although we have quality wood products and a whole host of other things that the world had been buying, the world has stopped buying because of COVID-19. And so therefore we are going to see a reduction in economic growth.”
The province is expected to release more information next week on how it plans to re-open parts of the economy, in a ‘slow, methodical approach’ as stated by Horgan.
